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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

073

:
LICENSED LENDERS











 

§

2229. Confessions of judgment; powers of attorney; contents of notes

No licensee

shall take any confession of judgment. No licensee shall take any power of

attorney excepting such as may be incorporated in a form of note approved by

the commissioner for use in the financing of insurance premiums. No licensee

shall take any note, promise to pay, or security that does not accurately

disclose the actual amount of the loan, the time for which it is made, and the

agreed rate of interest, nor any instrument in which blank spaces are left to

be filled in after execution. Notwithstanding the foregoing provisions of this

section, the commissioner may by rule exempt from all or part of this section

commercial loans. (Amended 1987, No. 142 (Adj. Sess.), § 1, eff. April 11,

1988; 1989, No. 244 (Adj. Sess.), § 7; 2009, No. 29, § 1.)